Bonner Carrington plans mixed-income resi near Galleria Dallas

Bonner Carrington put another project in its pipeline of mixed-income multifamily communities with a development near Galleria Dallas. 

The complex, called Cypress Creek at Montfort Drive, will be located at 14119 Montfort Drive on a 3-acre plot of undeveloped land, according to a filing with the Texas Department of Licensing and Regulation. The project will include 168 mixed-income apartment units and will cost just under $29 million, almost or $173,000 per unit.

The development is being partially funded through a Department of Housing and Urban Development 9 percent Low Income Housing Tax Credit, awarded by the City of Dallas, which requires minority- and woman-owned businesses to be hired for local construction projects. The funding may not exceed $4.1 million, program documents show.

Arrive Architecture Group is leading design on the complex, and an employee declined to reveal additional details. 

Construction will begin this summer and last until late-2024, according to the filing. Other Bonner Carrington Class-A, mixed income properties typically include amenities such as pools, community kitchens, fitness studios and resident lounges. 

The development will be situated just a mile away from Galleria Dallas. The massive indoor shopping mall is one of the last of its kind still in operation across North Texas. It was built in 1982 for $400 million or $1.16 billion if adjusted for today’s inflation. 

Recently, UBS Realty Investors, a subsidiary of the similarly named Swiss investment bank, handed over ownership of the Galleria Dallas and its adjoining high-rise hotel. A unit of Metropolitan Life Insurance has taken over the deed to the mall, as well as Westin Galleria Hotel. MetLife reportedly held over $315 million in loans on the Galleria dating back to 2014.

Austin-based Bonner is a leading developer of Class A mixed income multifamily with a number of projects completed or in-development across Dallas, Austin and Houston. Bonner currently holds 26 apartment communities in Texas, totaling nearly 4,200 units, with an additional 900 units under development, according to the company’s website.